MarketFriction

Utkarsh Small Finance Bank Ltd

NSE UTKARSHBNK · BSE 543942 · Other Bank
₹13.43 -2.40%
NSE close2026-10-01
52 week range10.12 - 22.03
Market cap₹2,472 Cr.
IPO 2023 · -46% since Price band 20% Delivery 49.2%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue756806896966987932880881840821837884
Interest315324356393429452468479490473461461
Expenses392413452492593824687858913920724586
Financing Profit49698882-35-343-276-457-562-571-347-164
Financing Margin %7%9%10%8%-4%-37%-31%-52%-67%-70%-42%-19%
Other Income105831211051031052871389781115119
Depreciation000000000000
Profit before tax15415220818668-23811-319-465-491-232-45
Tax %26%24%23%26%24%-29%74%-25%-25%-24%-19%-25%
Net Profit11411616013751-1683-239-348-375-188-34
EPS in Rs0.650.650.900.770.29-0.940.02-1.35-1.96-2.11-1.06-0.19
Gross NPA %2.81%3.04%2.51%2.78%3.88%6.17%9.43%11.42%12.42%11.05%7.71%6.09%
Net NPA %0.16%0.19%0.03%0.26%0.89%2.50%4.84%5.00%5.02%4.48%3.29%2.86%
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue5198811,3081,5811,8492,5053,1783,7653,3793,381
Interest2513825797427889761,2931,7421,9021,884
Expenses3743925517831,1251,2341,5612,5183,3373,142
Financing Profit-10610717756-64295324-496-1,860-1,645
Financing Margin %-20%12%14%4%-3%12%10%-13%-55%-49%
Other Income435899125185299400600431412
Depreciation016253041596577770
Profit before tax-631492501518053665928-1,507-1,233
Tax %0%37%25%26%23%25%25%14%-24%
Net Profit-63941871126140449824-1,151-945
EPS in Rs-0.830.791.520.820.422.802.800.13-6.47-5.32
Dividend Payout %0%0%0%0%0%0%11%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%16%10%-8%
Compounded Profit Growth%%%-168%
Stock Price CAGR%%-32%-22%
Return on Equity%-1%-8%-40%
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital4707377598488968961,0991,1021,780
Reserves-58362605206771,1041,8741,873996
Deposits2,1943,9415,2357,50810,07413,71017,47321,56621,654
Borrowing1,7891,2802,6752,6082,5722,3491,9952,3552,829
Other Liabilities1292454756548451,0571,4621,2321,610
Total Liabilities4,5246,2399,40412,13815,06419,11723,90328,12728,869
Fixed Assets8787110125286301301324333
CWIP032256121063125
Investments6618621,1922,3142,3482,8593,6794,9586,914
Other Assets3,7755,2878,0819,64312,42915,95519,91222,78321,497
Total Assets4,5246,2399,40412,13815,06419,11723,90328,12728,869
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity211115-831,3291,573991876781
Cash from Investing Activity-171-322-532-739-693-620-777-3,309
Cash from Financing Activity-921,304172111-2351403101,412
Net Cash Flow-521,097-444702645511409-1,115
Free Cash Flow19470-1631,1831,498921718638
CFO/OP44%27%2%191%129%65%61%1,876%
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %-15%16%21%9%4%23%20%1%-40%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters69.28%69.16%69.06%69.02%68.94%68.93%68.92%68.92%68.92%42.67%42.67%42.67%
FIIs2.07%0.74%0.87%0.94%0.99%1.33%1.00%1.85%1.68%11.80%11.49%11.90%
DIIs12.99%11.30%9.82%10.60%10.01%8.23%7.04%2.78%2.39%9.74%9.56%9.54%
Government0.00%0.00%0.00%0.01%0.01%0.01%0.01%0.01%0.01%0.03%0.02%0.02%
Public15.67%18.80%20.25%19.43%20.04%21.50%23.04%26.43%27.00%35.76%36.27%35.88%
No. of Shareholders1,63,6141,92,7912,22,0442,15,1332,27,8862,40,5922,43,6132,48,3112,49,3722,76,7422,82,9932,79,233

Fundamentals

Market Cap₹ 2,472 Cr.
Current Price₹ 13.9
Book Value₹ 15.6
ROCE1.46 %
ROE-40.0 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-8%
Compounded Profit Growth (TTM)-168%
Standalone figures.
Valuation
Market capRs 1,479 Cr
Enterprise valueRs 22,762 Cr
Price to book0.50x
Price to sales0.44x
EV / EBITDA31.27x
EV / EBIT34.95x
EV / sales6.73x
Price to cash flow1.69x
Earnings yield-63.90%
P/E, 3-year average47.89x
P/B, 3-year average1.08x
P/E, 5-year average47.89x
P/B, 5-year average1.08x
Profitability
Operating margin (excl. other income)33.11%
Operating margin (incl. other income)49.04%
EBITDA margin21.53%
Pre-tax margin-36.47%
Net profit margin-27.96%
Net margin, latest quarter-3.84%
ROE0.80%
ROCE7.17%
ROA0.09%
ROE, 3-year average14.48%
ROCE, 3-year average8.73%
ROA, 3-year average1.59%
ROE, 5-year average11.40%
ROCE, 5-year average8.34%
ROA, 5-year average1.25%
ROIC (approx.)2.30%
Tax rate14.29%
Other income / net worth20.17%
Growth
Sales growth (latest year)18.45%
Profit growth (latest year)-95.24%
Sales CAGR, 3 years26.75%
Sales CAGR, 5 years23.55%
Profit CAGR, 3 years-27.21%
Profit CAGR, 5 years-33.82%
Sales growth QoQ5.59%
Sales growth YoY (latest quarter)0.30%
Per share
EPS (TTM)Rs -8.58
EPS (latest year)Rs 0.22
EPS (latest quarter)Rs -0.31
EPS, 3-year averageRs 3.09
EPS, 5-year averageRs 2.25
Book value per shareRs 27.00
Sales per shareRs 30.70
Cash flow per shareRs 7.95
Free cash flow per shareRs 5.79
Dividend per share, 3-year averageRs 0.50
Dividend per share, 5-year averageRs 0.50
Dividends
Dividend payout, 3-year average11.05%
Dividend payout, 5-year average11.05%
Efficiency
Asset turnover0.13x
Fixed asset turnover11.62x
Leverage
Total debtRs 23,920 Cr
Cash and bankRs 2,638 Cr
Net debtRs 21,282 Cr
Debt to equity8.04x
Net debt / EBITDA29.24x
Interest coverage0.35x
Owners' fund to total sources10.58%
Debt to assets85.04%
Cash flow
Cash from Operating Activity (latest year)Rs 876 Cr
Cash from Investing Activity (latest year)Rs -777 Cr
Cash from Financing Activity (latest year)Rs 310 Cr
Net Cash Flow (latest year)Rs 409 Cr
Free cash flow (latest year)Rs 638 Cr
FCFE (approx.: FCF + change in debt)Rs 5,091 Cr
Sales to cash flow4.30x
Statement figures
Net sales (TTM)Rs 3,381 Cr
Net sales (latest year)Rs 3,765 Cr
Sales (latest quarter)Rs 884 Cr
Operating profit excl. other income (latest year)Rs 1,246 Cr
Operating profit (latest quarter)Rs 297 Cr
Other income (TTM)Rs 412 Cr
EBITDA (TTM)Rs 728 Cr
PBDT (TTM)Rs -1,157 Cr
Profit before tax (TTM)Rs -1,233 Cr
Tax (latest year)Rs 4 Cr
Net profit (TTM)Rs -945 Cr
Net profit (latest year)Rs 24 Cr
Net profit (latest quarter)Rs -34 Cr
Depreciation (TTM)Rs 77 Cr
Interest (TTM)Rs 1,884 Cr
Cost of goods sold (latest year)Rs 26 Cr
Total expenditure (latest year)Rs 2,518 Cr
Total income (latest year)Rs 4,365 Cr
Share capitalRs 1,102 Cr
ReservesRs 1,873 Cr
Shareholders' fundsRs 2,974 Cr
Total assetsRs 28,127 Cr
Net blockRs 324 Cr
Capital work in progressRs 63 Cr
InvestmentsRs 4,958 Cr
Other liabilitiesRs 1,232 Cr
Shares outstanding (crore)110.16
Ownership
Promoter holding42.67% (-26.25 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/B 0.50 is at the 5th percentile (median 1.31).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodUTKARSHBNKNifty 50Difference
1 week-3.1%-2.8% -0.3 pts
1 month-9.7%-6.8% -3.0 pts
3 months-10.9%-7.6% -3.3 pts
6 months+31.4%+0.4% +31.0 pts
1 year-37.2%-9.9% -27.2 pts
2 years-71.3%-13.6% -57.8 pts
3 years-73.8%+14.2% -88.0 pts
1 mutual fund schemes hold about ₹0 Cr. Over three months 1 bought more and 0 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Motilal Oswal BSE 1000 Index Fund0.01%0 +12%

Red flags

F-score 5 of 8
explainLow interest cover Interest cover 1.0x in 2026
lookProfit leans on other income Other income was 2169% of pre-tax profit in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Revenue ₹884 Cr +0.3% vs Jun 2025. Net loss ₹34 Cr.
Against our estimate for Jun 2026: sales +9.5%, profit +87.7% beat. Our estimate for Sep 2026: sales Rs 821 Cr, profit Rs -262 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2025-10-14Rights 8:13 @ Premium Rs 4/-
2024-07-12Dividend - Re 0.50 Per Share
DateTypeWhat it says
2026-09-30General UpdatesGeneral Updates
2026-09-25General UpdatesGeneral Updates
2026-09-19AppointmentAppointment of Mr. Manmohan Shetty as Chief Financial Officer of the Bank w.e.f. September 19, 2026.
2026-09-19Board meeting outcomeOutcome of Board Meeting held on September 19, 2026.
2026-09-11General UpdatesGeneral Updates
2026-09-03Credit RatingCredit Rating
2026-09-01Concall / analyst meetSchedule of meet
2026-08-21General UpdatesGeneral Updates on ESG Rating
2026-08-19General UpdatesMigration of Core Banking System.
2026-08-17General UpdatesESG Rating.
2026-08-07Concall / analyst meetTranscript
2026-08-05Shareholder meetingVoting results.
2026-08-04Shareholder meetingProceedings of Annual General Meeting held on August 04, 2026
2026-08-03Concall / analyst meetLink of Recording
2026-08-01Investor PresentationInvestor Presentation
2026-08-01Press ReleaseA press release dated August 01, 2026, titled "Unaudited Financial Results for the quarter ended June 30, 2026".
2026-08-01Board meeting outcomeUtkarsh Small Finance Bank Limited has submitted to the Exchange, the financial results for the period ended June 30, 2026.
2026-07-29Concall / analyst meetSchedule of meet
2026-07-22General UpdatesCall option Notice for ISIN: INE735W08038
2026-07-21Board meeting outcomeOutcome of Board Meeting held on July 21, 2026.
2026-07-14Credit RatingCredit Rating
2026-07-10Shareholder meetingNotice of Annual General Meeting to be held on August 04, 2026
2026-07-05General UpdatesBusiness Updates for the quarter ended June 30, 2026.
2026-07-02Credit RatingCredit Rating
2026-07-01General UpdatesNewspaper Publication regarding hearing of Petition in connection with the Scheme of Amalgamation of Utkarsh CoreInvest Limited with Utkarsh Small Fin...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Trade dateShares sold short
2026-09-291,000
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
EPS in the scrip is zero (4 trailing quarters)

Quick answers

What is the market cap of Utkarsh Small Finance Bank Ltd?

Utkarsh Small Finance Bank Ltd (UTKARSHBNK) has a market capitalisation of Rs 2,472 Cr. at the 2026-10-01 close.

What were Utkarsh Small Finance Bank Ltd's latest quarterly results?

In the Jun 2026 quarter, Utkarsh Small Finance Bank Ltd revenue was Rs 884 Cr (+0.3% vs Jun 2025) with a net loss of Rs 34 Cr.

What is the 52-week high and low of Utkarsh Small Finance Bank Ltd?

The 52-week high is Rs 22.03 and the 52-week low is Rs 10.12.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03